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Goodwill and Intangible Assets

9 Months Ended

Mar. 28, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The following table summarizes changes in goodwill during the nine months ended March 28, 2021:

(in millions of U.S. Dollars)									Total
Balance at June 28, 2020									$349.7
Transfer in connection with LED Business Divestiture (1)									9.5
Balance at March 28, 2021									$359.2

(1) In the second quarter of fiscal 2021, the Company determined that as part of its goodwill impairment analysis on held for sale assets related to the pending LED Business Divestiture, it was necessary to transfer a portion of goodwill from the former LED Products segment, then classified as discontinued operations, to goodwill associated with continuing operations.

Intangible Assets, net

The following table presents the components of intangible assets, net:

			March 28, 2021																		June 28, 2020
(in millions of U.S. Dollars)			Gross						Accumulated Amortization						Net						Gross						Accumulated Amortization						Net
Customer relationships			$96.8						($23.6)						$73.2						$96.8						($19.0)						$77.8
Developed technology			68.0						(26.8)						41.2						68.0						(22.8)						45.2
Non-compete agreements			12.2						(9.4)						2.8						12.2						(7.1)						5.1
Acquisition related intangible assets			177.0						(59.8)						117.2						177.0						(48.9)						128.1
Patent and licensing rights			66.7						(39.3)						27.4						69.3						(40.5)						28.8
Total intangible assets			$243.7						($99.1)						$144.6						$246.3						($89.4)						$156.9

Total amortization of acquisition-related intangibles assets was $3.7 million and $10.9 million for the three and nine months ended March 28, 2021 and $3.7 million and $10.9 million for the three and nine months ended March 29, 2020.

Total amortization of patents and licensing rights was $2.0 million and $4.6 million for the three and nine months ended March 28, 2021 and $2.0 million and $4.4 million for the three and nine months ended March 29, 2020.

Total future amortization expense of intangible assets is estimated to be as follows:

(in millions of U.S. Dollars) Fiscal Year Ending			Acquisition Related Intangibles						Patents						Total
June 27, 2021			$3.6						$1.3						$4.9
June 26, 2022			13.5						4.6						18.1
June 25, 2023			11.0						3.9						14.9
June 30, 2024			10.4						3.3						13.7
June 29, 2025			10.4						2.5						12.9
Thereafter			68.3						11.8						80.1
Total future amortization expense			$117.2						$27.4						$144.6

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416

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